How Working For Google

How Working For Google, Amazon, And Microsoft Lost ‘Dream Job’ Status

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-820x461.jpg" alt="" class="wp-image-480314" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/Energy2-1.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



Africa needs to create a new development model that better connects its businesses with local communities in order to escape the current system which has left as it burdened by high unemployment and underdevelopment.



Current development models are a product of colonization and were designed to extract its resources with the bulk of the value realized abroad, Hippolyte Fofack, a former chief economist and director of research at the African Export-Import Bank, is a research associate at the Harvard University Center for African Studies says in a research paper.



&#8220;Connecting with history and bridging the philosophical and cultural discontinuity between Africa’s past and present is fundamental to closing the gap between actual output and potential and setting the region on the path to lasting prosperity,&#8221; he says. &#8220;More than any other region of the world, political and economic management in Africa has been underpinned by a highly extroverted model of institutional governance, by institutional models that are largely alien.&#8221;



Africa has some of the highest unemployment and poverty rates in the world led by its largest economies, Nigeria and South Africa with rates above 30 percent. Fofack says poverty is now an African problem whereas in the 1970s it was an Asian problem because Asia was able to largely preserve its philosophical and cultural heritage.



While in 1970 over 80% of the world’s poor lived in Asia, by 2000, 75% of the world’s poor lived in Africa, he says. Recent estimates would probably be higher, he adds, citing his own research and that of Tetteh Baah, an economist with the Global Poverty and Inequality Data team at the World Bank.



&#8220;This stickiness of the colonial development model amid shifting geographical patterns of trade raises serious obstacles in the quest for a more prosperous and climate-resilient future for Africa,&#8221; Fofack says.



The International Monetary Fund says sub-Saharan growth will reach 3.8 percent this year, slightly higher than the 3.4 percent attained last year, with nearly two thirds of the region anticipating higher expansion. But it still faces high borrowing costs, climate change and global external shocks it can do little about.



While the fund suggests the continent needs more support from international partners and further implementation of structural reforms to diversify funding sources and economies, Fofack argues should fundamentally rethink its reliance on multinational companies for its development.



&#8220;Only in that way can Africa’s business model be sustainable and find success in resolving our debilitating development paradox, wherein the world’s most resource-rich continent has been made to believe that it is the poorest,&#8221; he says.



&#8220;Insufficient emphasis on philosophy and intellectual leadership in Africa has caused policymaking across the region to be reduced to managing balance of payments crises, aggravated by the colonial development model of resource extraction, far removed from the desired projection into the future shaped by Africa’s history and foundational roots.&#8221;

Energy2-1

African philosophers must create new development model for continent

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="461" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/103389971-GettyImages-154793097-820x461.jpg" alt="" class="wp-image-480295" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/103389971-GettyImages-154793097-820x461.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/103389971-GettyImages-154793097-300x169.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/103389971-GettyImages-154793097-160x90.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/103389971-GettyImages-154793097-768x432.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/103389971-GettyImages-154793097-1536x864.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/103389971-GettyImages-154793097.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Chris Ratcliffe | Bloomberg | Getty Images</figcaption></figure>



Elliott Management has built a roughly $1 billion stake in miner Anglo American in recent months, a person familiar with the matter told CNBC.



Anglo American shares were up 5% on the news Friday.



News of the activist’s position comes as the $43 billion, London-based miner faces takeover interest from BHP, a mining giant with worldwide operations. Anglo rejected BHP’s $39 billion takeover offer Friday morning, saying BHP’s offer “significantly undervalues Anglo American and its future prospects.”



Anglo American declined to comment. The company is one of the largest producers of copper in the world.



BHP’s bid would have called for the spinoff of Anglo American’s South African subsidiaries. The metal plays a critical role in the worldwide transition to clean energy, and is used in the manufacture of EVs and wind turbines.



Anglo American chairman Stuart Chambers noted in the company’s rejection that copper represented “30% of Anglo American’s total production, and with the benefit of well-sequenced and value-accretive growth options in copper and other structurally attractive products,” there was more value to be created for shareholders in the months and years ahead.



Elliott’s position was first reported by Bloomberg.



Elliott has extensive experience with mining companies, including at suitor BHP in 2017. The activist urged the company to spin off its petroleum businesses and ditch its primary listing in Australia in favor of one in London.



BHP initially rejected those proposals, before exiting the oil business in 2021. The Australian miner is one of the largest in the world, with a market cap of $145 billion and mining sales of $53.8 billion in 2023.



CNBC’s Karen Gilchrist contributed reporting.

103389971-GettyImages-154793097

Elliott takes $1 billion stake in Anglo American as miner faces takeover interest

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KL2SFJ3TDJK6DJNAQFRO4GGFB4-1-820x547.jpg" alt="" class="wp-image-480263" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KL2SFJ3TDJK6DJNAQFRO4GGFB4-1-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KL2SFJ3TDJK6DJNAQFRO4GGFB4-1-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KL2SFJ3TDJK6DJNAQFRO4GGFB4-1-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KL2SFJ3TDJK6DJNAQFRO4GGFB4-1-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KL2SFJ3TDJK6DJNAQFRO4GGFB4-1-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/KL2SFJ3TDJK6DJNAQFRO4GGFB4-1-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: Nico Muller the CEO of Impala Platinum, attends the Platinum Group Metals (PGMS) Industry Day in Johannesburg, South Africa April 10, 2024. REUTERS/Ihsaan Haffejee/File Photo</figcaption></figure>



April 26 (Reuters)&nbsp;&#8211;&nbsp;Impala Platinum&nbsp;IMPJ.J&nbsp;could cut 3,900 jobs as it restructures its South African operations due to lower metal prices, the miner said on Friday, with the news likely to pile more pressure on the government weeks before a general election.



Mining companies in the world&#8217;s top platinum supplier are shelving expansion projects, closing some operations, and letting go of thousands of workers in a bid to preserve cash as some metal prices plunge.



Implats said it was resorting to jobs cuts as its cost savings, deferment of capital projects, and a voluntary severance scheme had &#8220;not sufficiently offset the impact of persistently lower prices&#8221; on the business.



Platinum is 7% down so far this year, while palladium is 10% lower since the beginning of the year.



&#8220;This has significantly undermined Implats&#8217; financial position, which in turn threatens future job security for the entire workforce,&#8221; Implats CEO Nico Muller said in a statement.



South African miners have also been impacted by a myriad of local challenges including power cuts and a crisis at the state port and freight rail company.



Job losses are hot-button issues in the lead-up to the May 29 election, where polls suggest the African National Congress could lose its parliamentary majority for the first time since the end of apartheid.



Implats&#8217; restructuring could potentially affect 9% of the miner&#8217;s workforce at its Rustenburg, Marula and the newly acquired Bafokeng operations. It also targets a 30% reduction in head office costs, the company said.



In February, Implats&#8217; rival Anglo American Platinum (Amplats) AMSJ.J announced plans to lay off 3,700 people, while Sibanye Stillwater SSWJ.J has said it will cut about 2,000 jobs in its platinum operations.



Amplats&#8217; parent company, Anglo American AAL.Lrejected rival miner BHP Group&#8217;s BHP.AX $39 billion takeover proposal on Friday, saying the bid significantly undervalued the London-listed miner and its prospects.



(Reporting by Felix Njini and Nelson Banya; Editing by Olivia Kumwenda-Mtambo and Mark Potter)

FILE PHOTO: Platinum Group Metals (PGMS) Industry Day in Johannesburg

Implats weighs 3,900 job cuts in South Africa as price rout takes toll

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="550" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/B25KXAJZWJJYDPDZ7LAMYMVWNE-820x550.jpg" alt="" class="wp-image-480246" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/B25KXAJZWJJYDPDZ7LAMYMVWNE-820x550.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/B25KXAJZWJJYDPDZ7LAMYMVWNE-300x201.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/B25KXAJZWJJYDPDZ7LAMYMVWNE-134x90.jpg 134w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/B25KXAJZWJJYDPDZ7LAMYMVWNE-768x515.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/B25KXAJZWJJYDPDZ7LAMYMVWNE-1536x1031.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/B25KXAJZWJJYDPDZ7LAMYMVWNE-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">File photo: Local residents walk past the Reserve Bank of Zimbabwe (RBZ) ahead of the launch of a gold coin, in Harare, Zimbabwe, July 25, 2022. REUTERS/Philimon Bulawayo/File photo</figcaption></figure>



HARARE, April 26 (Reuters)&nbsp;&#8211;&nbsp;Zimbabwe is arresting black market forex dealers they accuse of distorting exchange rates as the country prepares for its new gold-backed currency to enter circulation next week.



Two weeks ago, black market traders would openly solicit customers at street corners but constant police raids since have driven the thriving alternative forex market underground.



Zimbabwe, which launched a new gold-backed currency called Zimbabwe Gold (ZiG) in early April, dumping the troubled Zimdollar, fears that a black market which thrives on charging premiums will weaken the new currency.



While the ZiG has enjoyed stability on the formal market since its introduction, trading at ZiG 13.3 to a dollar, black market traders are already charging a 65% premium to the dollar.



Keen to establish trust in the new currency to bring down high inflation and secure a new IMF programme by demonstrating sound economic management, the government has threatened brute force to shut down the street currency traders.



&#8220;We wouldn&#8217;t want you to end up being crippled after being attacked,&#8221; Vice President Constantino Chiwenga said in a message to black-market dealers at a political gathering on Tuesday.



Secretary for finance George Guvamatanga said Zimbabwe&#8217;s treasury classifies any illegal forex dealing as money laundering.



More than 70&nbsp;black-market&nbsp;forex dealers arrested in the southern African country&#8217;s capital Harare last week have been refused bail.



&#8220;My colleague was taken in last week and that was the last we heard from him. I hear he was denied bail. It is no longer safe out here,&#8221; one dealer told Reuters.



&#8220;I don&#8217;t pick up unknown calls anymore, or entertain clients that I do not know. These police officers are coming here undercover and in plainclothes. If you entertain them, you will be gone in no time,&#8221; said another dealer.



However, economists questioned whether the police crackdown will be enough to restore confidence in the local currency.



&#8220;I think for a currency, its a matter of confidence. People need to be confident in that currency and also need sustained stability in order for them to accept it,&#8221; said independent economist Happiness Zengeni.



Zimbabwean authorities hope the new currency will help shore up an economy that has suffered severely from low commodity prices and the impact of the El Nino-induced drought.



The central bank will put new ZiG banknotes and coins into general circulation on April 30.



(Reporting by Nyasha Chingono; editing by Olivia Kumwenda-Mtambo and Mark Heinrich)

Local residents walk past the Reserve Bank of Zimbabwe

Zimbabwe pounces on illicit forex dealers ahead of new currency debut

This Dubai-based painter may have cracked the unpredictable art market

Energy2

Africa’s future must stand on the shoulders of a new Afrocentric philosophy

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="515" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7TNHWIKYLBNBXEDY3W64AQTLIM-820x515.jpg" alt="" class="wp-image-480200" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7TNHWIKYLBNBXEDY3W64AQTLIM-820x515.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7TNHWIKYLBNBXEDY3W64AQTLIM-300x188.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7TNHWIKYLBNBXEDY3W64AQTLIM-143x90.jpg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7TNHWIKYLBNBXEDY3W64AQTLIM-768x482.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7TNHWIKYLBNBXEDY3W64AQTLIM-1536x964.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/7TNHWIKYLBNBXEDY3W64AQTLIM-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: The Anglo American logo is seen in Rusternburg October 5, 2015. Picture taken October 5, 2015. REUTERS/Siphiwe Sibeko/File Photo</figcaption></figure>



MELBOURNE/LONDON, April 26 (Reuters)&nbsp;&#8211;&nbsp;Anglo American&nbsp;AAL.L&nbsp;rejected rival miner BHP Group&#8217;s&nbsp;BHP.AX&nbsp;31.1 billion pound ($39 billion) takeover proposal on Friday, saying the bid significantly undervalued the London-listed miner and its future prospects.



&#8220;The BHP proposal is opportunistic and fails to value Anglo American&#8217;s prospects, while significantly diluting the relative value upside participation of Anglo American&#8217;s shareholders relative to BHP&#8217;s shareholders,&#8221; Anglo Chairman Stuart Chambers said in a statement.



Reuters reported on Thursday, citing two sources, that Anglo&#8217;s management did not consider the proposal as attractive, as some investors and analysts dismissed it as opportunistic.



BHP, the world&#8217;s largest listed mining company, on Thursday offered Anglo&#8217;s shareholders 25.08 pounds per share, a premium of 31% to the market close on Wednesday, sending the London-listed target&#8217;s shares up 16%.



A condition of its proposal is that Anglo first distributes to shareholders its stakes in Anglo American Platinum&nbsp;AMSJ.J&nbsp;and Kumba Iron Ore&nbsp;KIOJ.J, both of which operate in South Africa where BHP has no assets.



Anglo on Friday said the structure on offer was &#8220;highly unattractive&#8230;given the uncertainty and complexity inherent in the Proposal, and significant execution risks.&#8221;



BHP had no immediate comment on Anglo&#8217;s rejection. Anglo shares were down 0.6% in early trading.



BHP&#8217;s shares closed 4.6% lower in Australia on Friday. The company&#8217;s Australian stock did not trade on Thursday as the country&#8217;s share market was closed for a holiday.



&#8220;With regards to a price, I think it&#8217;s pretty clear that the initial shot fired is just that. It’s just the first shot &#8211; it&#8217;s not their best and final,&#8221; said Todd Warren, a portfolio manager at Tribeca Investment Partners in Sydney, which holds shares in Anglo.



&#8220;We would need to see more money on the table before we sold our shares,&#8221; he said.



Questions about jurisdictional risks in South Africa and other regions, and concerns that Anglo American&#8217;s businesses are lower margin than BHP&#8217;s led to a share sell off, said RBC Capital Markets analyst Kaan Peker in Sydney.



&#8220;That uncertainty I think is resulting in a bit of a reduction on what investors are willing to pay for forward earnings,&#8221; Peker said.



South Africa is scrutinising BHP&#8217;s proposed offer for Anglo, a government spokesperson said, with the deal likely to concern officials the coming weeks before a general election where the governing party&#8217;s majority is at risk.



Some BHP investors also remained to be convinced over the merits of the deal.



&#8220;I am a bit surprised that the deal is not an agreed deal. It likely means BHP will need to offer more to win over shareholders and management and risks creating unhelpful animosity,&#8221; said Brenton Saunders, a portfolio manager at Pendal.



&#8220;The deal is complicated in that Anglo has a complicated structure with a number of moving parts like AngloPlats, Kumba and De Beers. It’s not clear how BHP adds value to the deal if it is required to offer considerably more.&#8221;



Consensus is growing that BHP will have to sweeten its offer to get the deal done. BHP has until May 22 to make a binding bid.



BHP CEO Mike Henry and executives including Chief Financial Officer Vandita Pant will be briefing investors next week, fund managers said. BHP did not respond to a request for comment on the meetings.



A deal, if successful, would be the largest mining takeover globally in 2024 and in the top 10 largest deals for the sector ever, according to LSEG data.



<h2 class="wp-block-heading" id="h-antitrust">ANTITRUST</h2>



Attention is shifting now to antitrust concerns, with industry sources citing regulators in key BHP customers China, for copper, and Japan and India, for steel-making coal, as potential hurdles for the deal.



&#8220;If MOFCOM acted on Glencore/Xstrata then surely it will act here,&#8221; said one resources lawyer, referring to China&#8217;s commerce ministry, who declined to be named because the subject was sensitive.



Glencore GLEN.L was forced to sell its interest in Xstrata&#8217;s Las Bambas copper project in 2013 to clear a final hurdle set by Chinese regulators for the $35 billion dollar deal.



BHP CEO Mike Henry has repeated many times in the nearly two years since Australia&#8217;s Queensland state hiked its coal royalties that the miner will not put fresh investment into its metallurgical coal business because of the lack of consultation.



That could fuel concerns around supply security for Japanese customers in particular, and cause regulators to take a close look, said Lloyd Hain of consultancy AME Group.



&#8220;The Japanese want to know long term that they are going to maintain security of supply and also volume.&#8221;



(Reporting by Melanie Burton in Melbourne, Scott Murdoch in Sydney and Clara Denina in London; additional reporting Archisma Iyer in Bengalaru; Writing by Miyoung Kim; Editing by Sonali Paul, Neil Fullick and Jamie Freed)

FILE PHOTO: The Anglo American logo is seen in Rusternburg

Anglo American rejects BHP’s $39 bln takeover proposal

Why U.S. Cities Are Going Broke

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="547" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ICSZXDHRHZMVNCNJGLBWY6KOGA-820x547.jpg" alt="" class="wp-image-479979" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ICSZXDHRHZMVNCNJGLBWY6KOGA-820x547.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ICSZXDHRHZMVNCNJGLBWY6KOGA-300x200.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ICSZXDHRHZMVNCNJGLBWY6KOGA-135x90.jpg 135w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ICSZXDHRHZMVNCNJGLBWY6KOGA-768x512.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ICSZXDHRHZMVNCNJGLBWY6KOGA-1536x1024.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/ICSZXDHRHZMVNCNJGLBWY6KOGA.jpg 1920w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">FILE PHOTO: A vendor sells cassava flour at a traditional market in Bariga district, in Lagos, Nigeria January 15, 2021. Picture taken January 15, 2021. REUTERS/Temilade Adelaja/File Photo</figcaption></figure>



JOHANNESBURG, April 25 (Reuters)&nbsp;&#8211;&nbsp;Inflation in key African economies will slow into next year but remain stubbornly high in Nigeria due to sporadic flooding and difficult terrain for the naira currency, a Reuters poll found.



The acute shortage of dollars in much of the continent including Angola, Nigeria and Zambia has often put home inflation under significant strain due to a reliance on single commodity currency inflows such as crude oil and copper.



Still, the poll of 15 analysts taken in the past week showed inflation would moderate more in countries with better diversified sources of dollar revenues such as Kenya.



Inflation in Nigeria is expected to quicken to 29.1% this year from an average of 24.5% last year, before it slows to 17.2% next year. It hit a 28-year high of 33.2% in annual terms last month.



Nigeria central bank governor Olayemi Cardoso raised the monetary policy rate by 200 basis points to 24.75% last month after a 400 basis point hike in February.



Even with a more coherent monetary policy now in place, and potential naira stability, Nigerian inflation will only fall slowly this year, Citi wrote in a note to clients.



The high inflation rate reflects ongoing elevated food price inflation which accounts for around 50% of the CPI basket and is only marginally impacted by monetary policy, Citi added.



High food price inflation is a result of flooding seen in many parts of the country in recent years, the rising cost of fertilizer and continuing insecurity in many food-producing regions.



Ghana inflation averaged 40.3% last year, but is expected to slow markedly to 18.7% this year and then to 12.1% in 2025.



Angolan inflation is forecast to slow to last year&#8217;s average of 13.6% next year from 23.7% this year, while in Zambia it was seen slowing to 8.0% in 2025 from 12.3% this year.



Inflation in Kenya will remain one of the most-tamed in the region apart from South Africa, slowing to an average of 5.6% next year compared with 6.3% this year, the poll found.



Standard Chartered said it lowered its inflation forecasts last week to allow for recent Kenyan shilling appreciation and improved food prices.



A separate poll earlier this month predicted inflation in South Africa would slow to 4.6% next year from 5.1% this year.



(Reporting by Vuyani Ndaba, Editing by William Maclean)

FILE PHOTO: A vendor sells cassava flour at a traditional market in Bariga district, in Lagos

Inflation in key African economies to slow into next year

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107406139-1714028329607-gettyimages-81814144-garljk052k-820x462.jpeg" alt="" class="wp-image-479881" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107406139-1714028329607-gettyimages-81814144-garljk052k-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107406139-1714028329607-gettyimages-81814144-garljk052k-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107406139-1714028329607-gettyimages-81814144-garljk052k-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107406139-1714028329607-gettyimages-81814144-garljk052k-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107406139-1714028329607-gettyimages-81814144-garljk052k.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Miners carrying out operations. Graeme Williams | Gallo Images Roots Rf Collection | Getty Images</figcaption></figure>



Mining giant BHP Group on Thursday said it had made an all-share takeover offer for rival Anglo American, valuing the smaller company at £31.1 billion ($38.9 billion).



Anglo American shares leapt at the market open and were 12% higher at 9 a.m. in London.



The company confirmed it had received an “unsolicited, non-binding and highly conditional combination proposal,” which it said it was reviewing with advisers.



Australia-based BHP, the biggest listed miner according to Companies Market Cap, said that the deal would deliver 0.7097 BHP shares per Anglo American share to Anglo American’s ordinary shareholders.



A combination of the firms would form a juggernaut in copper mining and the world’s largest player in the space which would supply 10% of global output, according to a Reuters analysis. Anglo American has a huge copper operation based in South America and a production target for the metal of 730,000 to 790,000 tons in 2024. This compares with a copper output aim between 1.7 million and 1.9 million for BHP over the same period.



Mining firms are seeking to shore up copper supplies over the years ahead due to projected shortages and the metal’s key role in the energy transition, with uses in electric vehicles, power grids and wind turbines.



The mining industry has experienced an uptick in merger and acquisition activity over the last four years as companies position themselves for changing demand patterns.



BHP in 2022 merged its dual-floated business into a single legal entity with a primary listing in Australia.



Markets had closed before the announcement Thursday morning.



The proposal would entail divestments by Anglo American to its shareholders of its stakes in South Africa-based Anglo American Platinum Limited and Kumba Iron Ore Limited.



“The combination would bring together the strengths of BHP and Anglo American in an optimal structure. Anglo American would&nbsp;bring its assets and long-term growth potential. BHP would bring its higher&nbsp;margin cash generative assets&nbsp;and growth projects along with its larger free cash flows and stronger balance sheet,” BHP Group said.

107406139-1714028329607-gettyimages-81814144-garljk052k

Anglo American shares pop 13% after BHP Group’s $39 billion takeover bid to form mining juggernaut

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="462" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107383266-1709738325082-gettyimages-2055746202-AFP_34KV84R-820x462.jpeg" alt="" class="wp-image-479878" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107383266-1709738325082-gettyimages-2055746202-AFP_34KV84R-820x462.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107383266-1709738325082-gettyimages-2055746202-AFP_34KV84R-300x169.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107383266-1709738325082-gettyimages-2055746202-AFP_34KV84R-160x90.jpeg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107383266-1709738325082-gettyimages-2055746202-AFP_34KV84R-768x432.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/107383266-1709738325082-gettyimages-2055746202-AFP_34KV84R.jpeg 929w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">US Federal Reserve Board Chairman Jerome Powell arrives to testify at a House Financial Services Committee hearing on the “Federal Reserve’s Semi-Annual Monetary Policy Report,” on Capitol Hill in Washington, DC, March 6, 2024.  Mandel Ngan | Afp | Getty Images</figcaption></figure>



With the economy humming along and the stock market, despite some recent twists and turns, hanging in there pretty well, it’s a tough case to sell that higher interest rates are having a substantially negative impact on the economy.



So what if policymakers just decide to keep rates where they are for even longer, and go through all of 2024 without cutting?



It’s a question that, despite the current conditions, makes Wall Street shudder and Main Street queasy as well.



“When rates start climbing higher, there has to be an adjustment,” said Quincy Krosby, chief global strategist at LPL Financial. “The calculus has changed. So the question is, are we going to have issues if rates remain higher for longer?”



The higher-for-longer stance was not what investors were expecting at the beginning of 2024, but it’s what they have to deal with now as inflation has proven stickier than expected, hovering around 3% compared with the Federal Reserve’s 2% target.



Recent statements by Fed Chair Jerome Powell and other policymakers have cemented the notion that rate cuts aren’t coming in the next several months. In fact, there even has been talk about the potential for an additional hike or two ahead if inflation doesn’t ease further.



That leaves big questions over when exactly monetary policy easing will come, and what the central bank’s position to remain on hold will do to both financial markets and the broader economy.



Krosby said some of those answers will come soon as the current earnings season heats up. Corporate officers will provide key details beyond sales and profits, including the impact that interest rates are having on profit margins and consumer behavior.



“If there’s any sense that companies have to start cutting back costs and that leads to labor market trouble, this is the path of a potential problem with rates this high,” Krosby said.



But financial markets, despite a recent 5.5% sell-off for the S&amp;P 500, have largely held up amid the higher-rate landscape. The broad market, large-cap index is still up 6.3% year to date in the face of a Fed on hold, and 23% above the late October 2023 low.



<h2 class="wp-block-heading" id="h-higher-rates-can-be-a-good-sign"><a></a>Higher rates can be a good sign</h2>



History tells differing stories about the consequences of a hawkish Fed, both for markets and the economy.



Higher rates are generally a good thing so long as they’re associated with growth. The last period when that wasn’t true was when then-Fed Chair Paul Volcker strangled inflation with aggressive hikes that ultimately and purposely tipped the economy into recession.



There is little precedent for the Fed to cut rates in robust growth periods such as the present, with gross domestic product expected to accelerate at a 2.4% annualized pace in the first quarter of 2024, which would mark the seventh consecutive quarter of growth better than 2%. Preliminary first-quarter GDP numbers are due to be reported Thursday.



For the past several decades, higher rates have not been linked to recessions.



On the contrary, Fed chairs have often been faulted for keeping rates too low for too long, leading to the dot-com bubble and subprime market implosions that triggered two of the three recessions this century. In the other one, the Fed’s benchmark funds rate was at just 1% when the Covid-induced downturn occurred.



In fact, there are arguments that too much is made of Fed policy and its broader impact on the $27.4 trillion U.S. economy.



“I don’t think that active monetary policy really moves the economy nearly as much as the Federal Reserve thinks it does,” said David Kelly, chief global strategist at J.P. Morgan Asset Management.



Kelly points out that the Fed, in the 11-year run between the financial crisis and the Covid pandemic, tried to bring inflation up to 2% using monetary policy and mostly failed. Over the past year, the pullback in the inflation rate has coincided with tighter monetary policy, but Kelly doubts the Fed had much to do with it.



Other economists have made a similar case, namely that the main issue that monetary policy influences — demand — has remained robust, while the supply issue that largely operates outside the reach of interest rates has been the principle driver behind decelerating inflation.



Where rates do matter, Kelly said, is in financial markets, which in turn can affect economic conditions.



“Rates too high or too low distort financial markets. That ultimately undermines the productive capacity of the economy in the long run and can lead to bubbles, which destabilizes the economy,” he said.



“It’s not that I think they’ve set rates at the wrong level for the economy,” he added. “I do think the rates are too high for financial markets, and they ought to try to get back to normal levels — not low levels, normal levels — and keep them there.”



<h2 class="wp-block-heading"><a></a>Higher-for-longer the likely path</h2>



As a matter of policy, Kelly said that would translate into three quarter-percentage point rate cuts this year and next, taking the fed funds rate down to a range of 3.75%-4%. That’s about in line with the 3.9% rate at the end of 2025 that Federal Open Market Committee members penciled in last month as part of their “dot-plot” projections.



Futures market pricing implies a fed funds rate of 4.32% by December 2025, indicating a higher rate trajectory.



While Kelly is advocating for “a gradual normalization of policy,” he does think the economy and markets can withstand a permanently higher level of rates.



In fact, he expects the Fed’s current projection of a “neutral” rate at 2.6% is unrealistic, an idea that is gaining traction on Wall Street. Goldman Sachs, for instance, recently has opined that the neutral rate — neither stimulative nor restrictive — could be as high as 3.5%. Cleveland Fed President Loretta Mester also recently said it’s possible that the long-run neutral rate is higher.



That leaves expectations for Fed policy tilting toward cutting rates somewhat but not going back to the near-zero rates that prevailed in the years after the financial crisis.



In fact, over the long run, the fed funds rate going back to 1954 has averaged 4.6%, even given the extended seven-year run of near-zero rates after the 2008 crisis until 2015.



<h2 class="wp-block-heading"><a></a>Government spending issues</h2>



One thing that has changed dramatically, though, over the decades has been the state of public finances.



The $34.6 trillion national debt has exploded since Covid hit in March 2020, rising by nearly 50%. The federal government is on track to run a $2 trillion budget deficit in fiscal 2024, with net interest payments thanks to those higher interest rates on pace to surpass $800 billion.



The deficit as a share of GDP in 2023 was 6.2%; by comparison, the European Union allows its members only 3%.



The fiscal largesse has juiced the economy enough to make the Fed’s higher rates less noticeable, a condition that could change in the days ahead if benchmark rates hold high, said Troy Ludtka, senior U.S. economist at SMBC Nikko Securities America.



“One of the reasons why we haven’t noticed this monetary tightening is simply a reflection of the fact that the U.S. government is running its most irresponsible fiscal policy in a generation,” Ludtka said. “We’re running massive deficits into a full-employment economy, and that’s really keeping things afloat.”



However, the higher rates have begun to take their toll on consumers, even if sales remain solid.



Credit card delinquency rates climbed to 3.1% at the end of 2023, the highest level in 12 years, according to Fed data. Ludtka said the higher rates are likely to result in a “retrenchment” for consumers and ultimately a “cliff effect” where the Fed ultimately will have to concede and lower rates.



“So, I don’t think they should be cutting anytime in the immediate future. But at some point that’s going to have to happen, because these interest rates are simply crushing particularly low-income-earning Americans,” he said. “That is a big portion of the population.”

107383266-1709738325082-gettyimages-2055746202-AFP_34KV84R

Why the Fed keeping rates higher for longer may not be such a bad thing

Casino giant Wynn introducing legal ‘gaming’ in UAE

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="621" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/DSCF3832-820x621.jpg" alt="" class="wp-image-479653" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/DSCF3832-820x621.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/DSCF3832-300x227.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/DSCF3832-119x90.jpg 119w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/DSCF3832-768x581.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/DSCF3832-1536x1163.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/DSCF3832-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">Hardy Pemhiwa, President and Chief Executive officer of Cassava Technologies.</figcaption></figure>



When it comes to Africa’s digital transformation, access <a>isn’t</a> <a>just about connectivity</a>; <a>it’s</a> the gateway to opportunity, says Hardy Pemhiwa, President and Group <a>CEO</a> of Cassava Technologies.



We at Cassava Technologies often talk about our vision of a digitally connected future in which no African is left behind. On a continent where more than half of the population reside-in rural areas, this doesn’t mean convincing these people to migrate to urban areas where connectivity and internet access are mostly readily available; it means taking connectivity and access to the areas that were previously excluded.



Africa&#8217;s <a href="https://au.int/en/agenda2063/overview">Agenda 2063</a> sets out a compelling 50-year vision for the continent, that of a unified, prosperous, and peaceful Africa, driven by its citizens and playing a role on the global stage. And the key to unlocking this vision lies in the digital transformation of our continent.



Digital transformation in Africa is more than just laying kilometres of fibre to connect communities. It also means providing opportunities to every African, regardless of their location, giving them the tools and resources they need to thrive in the digital age. Significant progress has already been made, with the&nbsp;<a href="https://www.statista.com/forecasts/1146636/internet-users-in-africa">overall number of internet users on the continent</a>&nbsp;sitting at close to 646 million, mostly through these mobile devices. However, we must ensure that this access translates into meaningful opportunities for education, healthcare, agriculture, and economic empowerment in general.



<h2 class="wp-block-heading" id="h-education-as-a-bridge-to-the-global-community">Education as a bridge to the global community</h2>



For instance, the integration of internet connectivity in education has the potential to transform learning experiences, making education more accessible and inclusive, across the continent. It brings with it the ability to access information, e-learning and online courses, supports professional development for educators, and connects African learners to the global economy. Recognising this, <a>we’ve</a> embarked on a mission to map schools across Africa, identifying their proximity to fibre broadband networks and the resources needed to connect them. And <a>we’ve</a> partnered with organisations like UNICEF, Microsoft, and Google, because this is a challenge that requires collaboration to solve. To date, of the 22,000 schools mapped, <a>we’ve</a> already connected 5,000 to high-speed internet, opening a world of educational opportunities for millions of children.



<h2 class="wp-block-heading" id="h-transforming-agriculture-using-technology">Transforming agriculture using technology</h2>



Another example is the transformative potential of technology in Africa’s agricultural sector, which &nbsp;<a href="https://www.weforum.org/agenda/2023/03/how-africa-s-free-trade-area-will-turbocharge-the-continent-s-agriculture-industry/#:~:text=Agriculture%20makes%20up%2035%25%20of,of%20agri%2Dproduct%20every%20year.">contributes 35% to the continent’s GDP</a> and employs a sizeable portion of the population. From mobile platforms that deliver real-time information that will help farmers increase their yields and improve their livelihoods, to technology that can help address post-harvest losses by deploying sensors and IoT devices to monitor storage conditions and transport routes, the potential is astounding.



<h2 class="wp-block-heading" id="h-bringing-e-healthcare-to-rural-communities">Bringing e-healthcare to rural communities</h2>



Given the far-flung nature of most rural communities, access to healthcare is a well-documented challenge. Internet connectivity in these areas means that people are no longer compelled to journey to urban centres to receive the medical advice they need. Again, this access should be used to create meaningful opportunities that can transform Africa’s healthcare landscape. This ranges from integrating digital tools into healthcare systems and investing in digital literacy, to providing solutions like telemedicine, digitised health records, online health resources, and mobile health applications.



<h2 class="wp-block-heading" id="h-the-importance-of-empowering-rural-communities">The importance of empowering rural communities</h2>



<a>It’s</a> clear that infrastructure, education, and healthcare are the pillars upon which a prosperous Africa will be built. This leads to another <a>important point</a> – a prosperous Africa is, fundamentally, a prosperous rural Africa. Empowering rural communities with connectivity is essential for achieving a balanced and inclusive digital transformation. Bringing opportunities directly to people in these areas reduces the need for mass migration to urban centres, which in turn often leads to overcrowded cities and strained resources. Such opportunities extend from access to online education and telemedicine to participation in e-commerce and digital entrepreneurship.



<h2 class="wp-block-heading" id="h-partnerships-are-key-to-reducing-costs">Partnerships are key to reducing costs</h2>



The cost of access remains a critical barrier to the digital transformation of Africa, particularly in bringing last-mile access to previously excluded communities. In fact, <a href="https://www.statista.com/statistics/1322483/average-price-for-mobile-data-in-africa/#:~:text=In%202023%2C%20the%20average%20cost,0.86%20U.S.%20dollars%20on%20average.">Statista</a> reports that the average cost of a gigabyte of data in Africa is among the highest in the world, which limits individuals and small businesses alike in taking full advantage of digital technologies. To help address this, we’re working on multiple fronts, including partnerships with global tech giants like Google and Microsoft to reduce the cost of data and cloud services. Partnerships with governments and regulators are also key to address policy reforms and the necessary regulation.



Africa cannot afford to allow the digital revolution to pass us by. The demographics of our continent, with a burgeoning youth population, make it imperative that we succeed. As the largest consumers of digital technology, the empowerment of our youth is crucial for the sustainability of our businesses and the continent’s future.



The Great African Digital Transformation is a journey that calls for intentionality, collaboration, and a relentless focus on creating opportunities. <a>It’s</a> about building a digitally connected future <a>that’s</a> inclusive by design, and that leaves no African behind. <a>That’s</a> our vision at Cassava Technologies.

DSCF3832

The Great African Digital Transformation: Bridging access and opportunity

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="333" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/afr-ssa-reo-sm24-hero-image-820x333.jpg" alt="" class="wp-image-479650" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/afr-ssa-reo-sm24-hero-image-820x333.jpg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/afr-ssa-reo-sm24-hero-image-300x122.jpg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/afr-ssa-reo-sm24-hero-image-160x65.jpg 160w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/afr-ssa-reo-sm24-hero-image-768x311.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/afr-ssa-reo-sm24-hero-image-1536x623.jpg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/afr-ssa-reo-sm24-hero-image-scaled.jpg 2048w" sizes="(max-width: 820px) 100vw, 820px" /></figure>



After four turbulent years, the outlook for sub-Saharan Africa is gradually improving. Growth will rise from 3.4 percent in 2023 to 3.8 percent in 2024, with nearly two thirds of countries anticipating higher growth. Economic recovery is expected to continue beyond this year, with growth projections reaching 4.0 percent in 2025. Additionally, inflation has almost halved, public debt ratios have broadly stabilized, and several countries have issued Eurobonds this year, ending a two-year hiatus from international markets.



However, not all is favorable. The funding squeeze persists as the region’s governments continue to grapple with financing shortages, high borrowing costs, and impending debt repayments. Risks to the outlook remain tilted to the downside. The region continues to be more vulnerable to global external shocks, as well as the threat of rising political instability, and frequent climate events. Three policy priorities can help countries adapt to these challenges: improving public finances without undermining development; monetary policy focused on ensuring price stability; and implementing structural reforms to diversify funding sources and economies. Amid these challenges, sub-Saharan African countries will need additional support from the international community to develop a more inclusive, sustainable, and prosperous future.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="450" height="800" src="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/AFR-REO-Table-April-2024-450x800.jpg" alt="" class="wp-image-479649" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2024/04/AFR-REO-Table-April-2024-450x800.jpg 450w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/AFR-REO-Table-April-2024-169x300.jpg 169w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/AFR-REO-Table-April-2024-51x90.jpg 51w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/AFR-REO-Table-April-2024-768x1366.jpg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/AFR-REO-Table-April-2024-864x1536.jpg 864w, https://cms.cnbcafrica.com/wp-content/uploads/2024/04/AFR-REO-Table-April-2024-scaled.jpg 1152w" sizes="(max-width: 450px) 100vw, 450px" /></figure>

afr-ssa-reo-sm24-hero-image

A Tepid and Pricey Recovery

<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="820" height="517" src="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg" alt="" class="wp-image-416545" srcset="https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-820x517.jpeg 820w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-300x189.jpeg 300w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-143x90.jpeg 143w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-768x484.jpeg 768w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-1536x969.jpeg 1536w, https://cms.cnbcafrica.com/wp-content/uploads/2022/04/106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report-scaled.jpeg 2048w" sizes="(max-width: 820px) 100vw, 820px" /><figcaption class="wp-element-caption">A participant stands near a logo of World Bank at the International Monetary Fund &#8211; World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018.
Johannes Christo | Reuters</figcaption></figure>



DAR ES SALAAM, April 24 (Reuters)&nbsp;&#8211;&nbsp;The World Bank has suspended new disbursements from a $150 million fund to expand a national park in southern Tanzania, a spokesperson said on Wednesday, after the lender received allegations of killings and evictions by rangers last year.



Two anonymous complainants have accused rangers from the Ruaha National Park of extrajudicial killings, enforced disappearances, evictions, torture and cattle seizures perpetrated against local villagers, according to the World Bank&#8217;s independent complaints mechanism.



&#8220;The World Bank is deeply concerned about the allegations of abuse and injustice related to the&#8230; project in Tanzania,&#8221; a spokesperson said in a statement. &#8220;We have therefore decided to suspend further disbursement of funds with immediate effect.&#8221;



Government spokesman Mobhare Matinyi said the allegations were false but that the government was investigating &#8220;to see if there was any misconduct from any staff so that it takes appropriate action&#8221;.



He said the suspended final tranche of the loan amounted to $25 million.



Several Tanzanian government initiatives to expand tourism have faced criticism from human rights advocates, including in the north of the country where thousands of Maasai have been evicted from their traditional homelands.



A report last year by the Oakland Institute, a California-based think-tank, accused Ruaha park rangers of sexual violence, and said local communities&nbsp;across&nbsp;Tanzania were bearing the cost of generating tourism revenues under the guise of protecting the environment.



The government says expanding the tourism sector is key to economic development and that it has provided fair compensation to people evicted from their homes.



The World Bank project was approved by its board in 2017 and is expected to end in February 2025.



(Editing by Hereward Holland and Gareth Jones)

106944604-16321717072021-09-20t205319z_656748898_rc2wtp9oerrm_rtrmadp_0_worldbank-ethics-report

World Bank suspends Tanzania tourism fund over abuse allegations

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Inflation in key African economies to slow into next year

Anglo American shares pop 13% after BHP Group’s $39 billion takeover bid to form mining juggernaut

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The Great African Digital Transformation: Bridging access and opportunity

A Tepid and Pricey Recovery

World Bank suspends Tanzania tourism fund over abuse allegations

How semiconductors are made – and why no one country can own the process

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home

How Working For Google, Amazon, And Microsoft Lost ‘Dream Job’ Status

African philosophers must create new development model for continent

Elliott takes $1 billion stake in Anglo American as miner faces takeover interest

Implats weighs 3,900 job cuts in South Africa as price rout takes toll

Zimbabwe pounces on illicit forex dealers ahead of new currency debut

This Dubai-based painter may have cracked the unpredictable art market

Africa’s future must stand on the shoulders of a new Afrocentric philosophy

Anglo American rejects BHP’s $39 bln takeover proposal

Why U.S. Cities Are Going Broke

Inflation in key African economies to slow into next year

Anglo American shares pop 13% after BHP Group’s $39 billion takeover bid to form mining juggernaut

Why the Fed keeping rates higher for longer may not be such a bad thing

Casino giant Wynn introducing legal ‘gaming’ in UAE

The Great African Digital Transformation: Bridging access and opportunity

A Tepid and Pricey Recovery

World Bank suspends Tanzania tourism fund over abuse allegations

How semiconductors are made – and why no one country can own the process

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